US-based provider of HR, payroll, and workforce management solutions UKG has announced a partnership with financial technology company PayPal.
The partnership is aimed at addressing evolving employee preferences and enhancing financial flexibility, particularly in underbanked and unbanked communities. In essence, this collaboration enables individuals paid through UKG to establish a PayPal Balance account directly within the UKG Human Capital Management (HCM) suite.
Employees now have the option to directly deposit their entire paycheck or a portion thereof into their PayPal Balance account. Additionally, under certain conditions, PayPal may expedite the availability of anticipated payroll funds by up to two days, providing a faster avenue for individuals to access their earned wages.
In the official press release, representatives from UKG emphasised the significance of providing employees with choices to align with their preferences. The collaboration reflects UKG's commitment to delivering people-centric experiences within their HCM suites.
The company press release also cites data from research conducted by Great Place To Work and Johns Hopkins University, which surveyed 14,000 employees across 37 countries. The results indicated that financial health is one of the most important aspects of employee well-being. In this context, the findings underscore the importance for businesses to support financial well-being to foster high-performing workplaces.
Officials from PayPal described the collaboration as a distinctive initiative that supports flexibility and customisation for US employees in accessing their funds. Beyond convenience, the collaboration aims to provide employers with an opportunity to offer new payroll options, expanding choices for US-based workers in selecting their preferred deposit methods. UKG customers can anticipate the rollout of direct deposit with PayPal to their employees later in 2024.
In November 2023, PayPal partnered with Germany-based digital commerce company commercetools improve payment options. This collaboration was aimed at broadening the spectrum of payment options for commercetools customers through the PayPal Braintree payment platform. The strategic integration aims to allow customers to engage with various payment providers, acquirers, and banks thus optimising the overall customer experience.
In September 2023, PayPal partnered with Curve to expand the former’s offline accessibility. Through this partnership, PayPal has been incorporated into the Curve wallet, allowing users to make use of it alongside their other registered payment cards. For this integration, users only need to log into the PayPal account through the Curve app to begin their transactions.
For more information about PayPal, please check out their detailed profile in our dedicated, industry-specific Company Database.
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